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Near-term Nifty target 7540-7600; negative Bank Nifty: Pros

Neeraj Deewan, director of Quantum Securities, says the market will most probably test September lows and traders and investors alike should be prepared for it as nothing is really happening for the market — still some time to go for the US Federal Reserve action and back home too nothing concrete is happening on the GST front

After the Nifty broke the 7700 mark, Rahul Mohindar of viratechindia.com said the crack is likely to continue and the near term target now is 7540-7600. He is negative on Bank Nifty and frontline stocks.

Neeraj Deewan, director of Quantum Securities, too says the market will most probably test fresh lows and traders and investors alike should be prepared for it as nothing is really happening for the market — still some time to go for the US Federal Reserve action and back home too nothing concrete is happening on the GST front.

The market extended losses for fifth consecutive session Tuesday, tracking nervousness in global peers post sharp fall in crude oil prices in previous session. The broader markets too get hammered. The 30-share BSE Sensex fell 219.78 points or 0.86 percent to 25310.33 and the 50-share NSE Nifty managed to close above 7700-mark, down 63.70 points or 0.82 percent to 7701.70 after hitting an intraday low of 7685.45.

Jai Bala of 1857 Advisors believes more than the Nifty breaching the 7700 mark, the key level to watch out for is 7690. “We have seen a low of 7695 and if 7690 goes, it will have a much more significant meaning on the downside. If 7690 also goes, there is a risk of September lows giving in.” He says in the event the market breaks the 7539 mark, Nifty will be heading to perhaps 7225.

However, Bala believes that the long-term trend is still intact.

Dipan Mehta, member, BSE and NSE too does not see anything happening at the moment. According to him, the action will start by mid-December with more policy clarity emerging by then.

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